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Solana Price Prediction: SOL Drops 2% – What is the Reason Behind this

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Solana
Solana

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The market’s feelings have turned negative, causing Solana to go down. SOL’s value went up a lot in June and July, doubling from $20, but now it’s going down a lot. On August 23rd, the price of SOL went down by 2%, and it could go down more. Because of this, SOL might not do better than other contract platforms, especially if it keeps going down like this. Solana’s price is $20.82. On the last day, it went down by 2%, and in the past week, it went down by 10.16%.

Solana prize (SOL) Data:

  • Solana Price –  $20.81
  • Solana Market cap – $8,484,441,763
  • Solana Circulating supply – 407,771,883 SOL
  • Solana Total supply – 555,641,831 SOL
  • Solana Coinmarketcap ranking – 10
Source: CoinMarketCap

SOL has been losing the progress it made in the last three days. You can see this from the three red candles on the daily price chart.

SOL’s Chart Alert: Watch for Challenges and Opportunities

Keep a close watch on SOL’s Daily chart for important levels. Remember, there’s a major challenge at $20.82 as it climbs. If strong buyers lend a hand, SOL could increase its earnings by increasing prices. Get set for an exhilarating ride with SOL.

Source: TradingView Daily Chart

If buyers keep the price above the average values of the past 30 and 50 days, it could surge beyond its usual range.

All these indications imply that the price might rise shortly. Nevertheless, any gains could vanish rapidly if they fall below these average levels. To safeguard your profits and minimize losses, consider utilizing a stop-loss order. Stay vigilant and exercise intelligence.

SOL’s Recent Decline and Chart Signals

SOL has seen a decline in its recent progress over the last three days, clearly visible from the three back-to-back red candles on the daily price chart.

The chart also shows the bears’ holding influence, pushing the token’s price under the 50-day Moving Average and considerably into the sell zone, as indicated by the RSI of 50.15.

This situation might challenge SOL’s price advancement, especially with the MACD line positioned below the signal line. This setup is reinforced by the red bars forming on the histogram, signaling added selling pressure on SOL’s price.

A surprise unfolded in the digital currency world as a new cryptocurrency emerged—Solana.

Solana (SOL) Alternative – WSM

In a remarkable feat, Wall Street Memes, the presale meme coin launched in June 2023, has astoundingly amassed over $26 million in under three months. We can attribute the rapid success of Wall Street Bets to the developers’ unwavering commitment to putting together a venture that faithfully captures the spirit of the Wall Street Bets and pays homage to its history. Their relentless drive has propelled the project to unprecedented heights within the crypto landscape.

Wall Street Memes WSM

In 2021, the iconic rise of Wall Street Bets unfolded as a remarkable chapter in financial history. In a stunning comeback for GameStop over 1.5 million investors congregated on Reddit to orchestrate a stunning comeback for the company, united by a shared nostalgia for childhood gaming memories. Recognizing hedge funds’ bearish bets against the company, this diverse group of gamers executed a masterful short-squeeze strategy.

With unwavering determination, they rallied under the rallying cry of “holding the line,” propelling GameStop’s stock value to a jaw-dropping surge from $19 to $325. In a fusion of digital camaraderie and financial maneuvering, Wall Street Bets forever reshaped the landscape of stock market dynamics.

Wall Street Memes has a bold objective: applying the viral potential of memes to the world of meme coins. By fostering a united community, it strives to replicate the market-altering influence of Wall Street Bets, this time focusing on its native cryptocurrency, WSM. Just as Wall Street Bets shook GameStop, Wall Street Memes aspires to harness collective action in shaping the trajectory of WSM’s value.

The irresistible allure of this phenomenon has propelled Wall Street Memes to astounding popularity across social media, amassing a staggering 260,000-strong following on Twitter alone. Impressively, even iconic figures like Elon Musk have engaged with the captivating content gracing Wall Street Memes’ Twitter feed, cementing its influence in both the financial and digital realms.

The enduring impact of Wall Street Memes on social media underscores the vitality of the meme renaissance. Jacob Crypto Bury and other experts anticipate its evolution into the standout meme coin of 2023, with a projected 10x surge upon its launch on cryptocurrency exchanges. This phenomenon continues to showcase the fusion of finance and digital culture in the ever-evolving landscape of cryptocurrency.

Don’t miss out on the opportunity: Wall Street Memes’ presale is in its last month, offering interested buyers a chance to purchase the crypto at a discounted price of $0.0337 through wallstmemes.com. Seize the moment before it’s too late!

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